U.Today - Bitcoin (BTC), the top cryptocurrency by market cap, is currently testing a key technical level that could decide its short-term direction, as it is approaching the middle line of the Bollinger Bands on the daily time frame. That is a zone often seen as a pivot between bullish and bearish phases.
The key level to watch is $83,368, which is the middle band of the Bollinger Bands indicator. After going down for a while, Bitcoin is trying to get back up, trading just below this threshold. If it can get past the middle band, it could be a sign that a bullish mode might be on.
This recent bounce from the lower Bollinger Band around the $77,500 mark indicates some temporary buying interest, but the resistance at the middle band remains unbroken as of the latest daily close.
This band has been a kind of dynamic resistance during the recent downtrend, and the current test could either confirm continued pressure or open the door to a stronger upward move.
The Bollinger Bands have also gotten narrower recently, which is a sign that things are less volatile. This often happens before a stronger trend, so the current setup is important. If Bitcoin can break above $83,368 and keep going, it might hit the upper band near $89,200, and triple the optimism.
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